Advertiser Disclosure: Many of the savings offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available.

3 reasons to love savings accounts

On the surface, a savings account is a place to store your money at a bank. But it can be far more than just a place to keep your cash. Used as part of an comprehensive financial plan, savings accounts can provide:

A feeling of financial stability from knowing your principal is safe and the interest income is reliable

But unlike the old days when you'd simply visit your nearest bank to open a savings account, there are lots of decisions to be made today. From Internet banking options to different savings account types, there's a lot to learn. But you can get the details here.

Comparing savings accounts: Not all are created equal

Most savings accounts share some common features, but the terms among these accounts are rarely identical. Fees, minimum balances and interest rates can vary widely.

Before you compare savings accounts, make a list of features that suit your banking behaviors. Do you want an account that won't charge fees without a direct deposit? Do you want an account that can be linked to your checking account to avoid overdraft fees? Do you want the ability to set up sub-accounts for specific savings goals?

Remember also that traditional savings accounts are just one option. You might also consider money market accountsand certificates of deposit (CDs), which may offer higher interest rates. But these types of accounts may come with stricter limitations too.

How does FDIC insurance protect savings accounts?

When choosing a bank for your savings account, you will want to check whether that bank has FDIC insurance. This is insurance offered to banks by the federal government in order to protect the money that you put into your savings.

The FDIC guarantees that your money (up to at least $250,000 per depositor at each banking institution) will be protected if the bank goes out of business. This protection is particularly valuable in poor economic times, when the last thing you want to worry about is losing your savings because your bank went belly-up. While individual banks do fail, FDIC insurance has not failed to cover a single bank customer since its inception in 1934.

With thousands of FDIC-insured banks to choose from, there's virtually no reason not to take the safe-and-secure route.

I want to open a savings account: What's next?

Whether you're new to shopping for savings accounts online or an experienced rate chaser, you'll want to make sure the best interest rates on savings accounts are not leaving you in the dust. If you take a few minutes to compare savings ratesfrom time to time, you'll sleep soundly knowing your deposits are safe -- andearning you a competitive yield.

SavingsAccounts.com aims to help you find an online savings account that fits your needs. This site is designed to help you compare high-yield online accounts to find the interest rate and features you want. The sooner you start saving, the sooner you can reach your savings goals, so review the tables below to see what top banks are offering today.

Advertiser Disclosure: Many of the savings offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). These offers do not represent all deposit accounts available.